When you have a few kids in tow, money management becomes more important, and you may worry about whether you can provide for them, especially if you are struggling with a business or if your wages do not match the current cost of living. As such, here is a quick guide to help you save money as a working mom.
Although you might think that you must save up for everything that you want and need and that you need to pay the recommended retail price for all your family’s essentials, this is not the case. Instead, it is possible to use coupons that can allow you to save on the stores that your family loves the most.
For instance, if you often use Skip Hop’s products to make your life easier as a working mom, you should consider looking for a SkipHop promo code that can allow you to get a discount on the products that you need. This can be especially useful for working moms who are also struggling with health issues draining their finances. By using coupons, you can get your kids everything that they need for a full life without worrying about the cost.
Find New Ways to Commute
From doing the school run to commuting to work, you may find that you spend most of your day going from A to B. The fuel that it takes to do this can make a big dent in your monthly budget. As such, instead of relying on your car, you should look for alternative ways to commute.
For instance, you may decide to use public transport such as trains and buses if the transport links in your area are good, or you might decide to cycle if you do not live far from your work. It is also possible to carshare with other moms or colleagues, as this will allow you to enjoy the comfort of car travel without the drain that this can have on your finances.
Look at Childcare Options
If your children are not yet in school or get out of school before finishing work, you may be spending more than you earn on childcare daily. If this is the case, you should look for alternative childcare options.
For instance, you might send your children to an afterschool club or wraparound care that your children’s school organizes, or you might ask a parent or relative to care for your children until you can pick them up. This can ensure that you do not always have to send your children to a nursery or pay extortionate prices for a babysitter every day of the school year.
Speak to a Financial Advisor
You might not have a lot of time to manage your money when you are a working mom, and most of your time may be spent either at work or with your kids.
As such, to make sure that someone is keeping an eye on your finances and that you are making the right monetary decisions, you should consider speaking to a financial advisor. Not only can they help you to think about the future of your finances in terms of your retirement fund and any investments that you are planning to make, but they can also allow you to discuss the problems that you are having with your finances and help you to come to a solution that works.
Financial advisors can help you to open a great savings account on which you can earn interest. Additionally, they may be able to highlight the areas of your life in which you can cut down on your spending, meaning that you do not constantly have to worry about falling into debt.
This will then ensure that you do not dive into substantial financial decisions on behalf of your family without first understanding these implications.
Download a Finance App
If you want to know what is coming in and out of your bank account, you should consider downloading a finance app. Although these will not directly enable you to save money, they can encourage you to think about the money that you are spending more often and ensure that you do not simply ignore your bank account.
These personal finance apps can allow you to check your bank account and your transactions within minutes and ensure that your spending remains within the budget you have set for yourself and your family. This will then mean that you are more aware of your money and how you are spending it, which can improve the astuteness with which you make financial decisions.
Even though many moms must work to pay the bills, being a working mom also challenges your finances. As such, by organizing cheaper childcare and transport and looking for coupons wherever you can, you may be able to work and still save money that you can use to pay the bills or have fun with your children.